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Africa Sovereign Investors Forum highlights importance of strategic partnerships

2 years ago
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Africa Sovereign Investors Forum highlights importance of strategic partnerships

African Development Bank Vice President for Private Sector, Infrastructure, and Industrialization, Solomon Quaynor, has emphasized the need for unity to unlock the vast potential of African sovereign wealth funds, strategic investment funds, pensions, and life insurance assets, estimated at $2.3 trillion.

Speaking at the Second Annual Meeting of the Africa Sovereign Investors Forum (ASIF) in Kigali, Quaynor expressed the African Development Bank’s commitment to support the establishment and operations of the ASIF secretariat. The bank aims to work closely with ASIF members to develop and finance transformative strategic projects across the continent. Quaynor highlighted the bank’s dedication to mobilizing billions to trillions of dollars, solidifying its role as a catalyst for economic growth and prosperity in Africa.

The ASIF meeting, held under the theme “Strategic Partnerships: driving Africa’s resilience and sustainable development,” took place from July 6th to 7th. ASIF was launched in 2022 by ten African sovereign wealth funds with the objective of mobilizing long-term capital to foster Africa’s development. During the inaugural event, the African Development Bank, Africa50, and ASIF signed a letter of intent to collaborate on the development of green and climate-resilient infrastructure projects across Africa, strengthening the Alliance for Green Infrastructure in Africa (AGIA).

The founding members of ASIF include sovereign wealth funds such as the Agaciro Development Fund (Rwanda), Fonds Souverain de Djibouti, Fonds Gabonais d’Investissements Stratégiques, Fonds Souverain d’Investissements Stratégiques (Senegal), Fundo Soberano de Angola, Ghana Infrastructure Investment Fund, Ithmar Capital (Morocco), Nigeria Sovereign Investment Authority, and the Sovereign Fund of Egypt.

The ASIF meeting hosted by the Agaciro Development Fund provided a platform for dialogue and collaboration among African sovereign wealth funds, strategic investment funds, pension funds, life insurance companies, governments, regulators, and investment professionals. The forum aimed to strengthen strategic partnerships, pool financial and technical resources, and drive investment in sectors critical to Africa’s development, including climate-resilient energy, infrastructure, healthcare, technology, and agriculture.

Rwandan Prime Minister Edouard Ngirente emphasized the crucial role of African sovereign wealth funds in developing an efficient and diversified economy that generates wealth for future generations. Minister of Public Investments and Privatization of Rwanda, Eric Rwigamba, highlighted the challenges faced by Africa and the significance of ASIF’s second annual meeting in seizing opportunities for development.

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Participants agreed on the importance of mobilizing African institutional investments for transformative projects, which would attract global private and institutional investors to the continent. Two sovereign wealth funds, Ethiopia Investment Holdings and Mauritius Investment Corporation, have joined ASIF, further expanding the forum’s membership and potential impact.

The collaborative efforts and strategic partnerships fostered through ASIF aim to unleash the economic potential of Africa and drive sustainable development across the continent.

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